The Philippine Stock Market - August 3, 2009

The local equities market started slow and initially hovered just under the 2800 level. It soon picked up, and then gathered strong momentum to push the Philippine Stock Exchange Index (PSEi) to its highest close in around 14 months. The expectations of a needed correction remains unheeded.

PSEi previous close - 2798.33 (July 31)

time----------change----------PSEi
9:31---------down 1.63-------2796.70
9:32----------------1.35
9:33------------up 0.32
9:34---------down 5.95-------2792.38 (Day's low)
9:36------------up 1.00
9:41---------------0.92
9:47---------------6.47------2804.78

When the 2800 level is broken, the market accelerates its advance.

9:48-----------up 11.25
9:49--------------14.54
9:50--------------18.97
9:51--------------23.27
9:52--------------26.09
9:53--------------26.56------2824.89

The market pulls back a bit.

9:56----------up 24.48
9:59-------------19.44

10:00---------up 21.33
10:01------------18.03
10:02------------17.16
10:03------------16.74
10:07------------16.41
10:12------------14.93
10:14------------12.31
10:17------------11.67
10:18------------10.81
10:23------------10.55

10:27---------up 12.13
10:28------------11.19
10:31-------------9.20-------2807.53

After the partial retreat, the market bounces back.

10:38---------up 11.86
10:41------------12.88
10:43------------13.76
10:46------------17.41
10:49------------20.28

10:55---------up 17.91
10:58------------19.95
11:01------------21.98
11:02------------23.09
11:03------------24.55
11:04------------25.58
11:05------------27.81-------2826.14

After surpassing the earlier high for the session, the market continues to climb.

11:07--------up 28.05
11:09-----------28.68
11:10-----------30.57
11:14-----------34.00
11:15-----------36.32
11:17-----------38.20
11:20-----------38.65
11:21-----------41.30
11:23-----------43.62
11:25-----------46.32--------2844.65 (Day's high)
11:27-----------38.84
11:28-----------35.81
11:29-----------40.12

The market drifts sideways in the final half-hour the trading day.

11:33-----------38.97
11:36-----------35.74
11:41-----------34.94
11:56-----------35.74
12:01-----------36.78-------2835.11 (+1.31%)
Market Close.

The next immediate resistance is the May 28, 2008 high at 2868.07.
Wednesday (August 5) is declared as a non-working holiday, for the burial of the former Pres. Corazon (Cory) Aquino.

Value turnover: PhP 3.753 bn
Cross transactions: PhP 1.113 bn
Block Sale: 83,320 TEL shs @ PhP 2543.06 = PhP 211.887 mn

Advancers 75
Decliners 46
Unchanged 46

Sectoral Indices.
M-O +7.09%
Holdings +2.47%
Property +2.37%
Services +2.11%
Financial -0.15%
Industrial -0.96%

The Day's Top Gainers:
MAB: PhP 0.027; +50.00%
CAT: PhP 4.40; +49.15%
MA: PhP 0.025; +47.00%

The Day's Biggest Decliners:
MRAY: PhP 2.00; -20.00%
PHES: PhP 0.19; -11.63%
IRC: PhP 0.71; -8.97%

At mid-day:
Asian equities markets were mixed.
The Philippine Peso was at PhP 48.069 vs US$1.00.


CLOSING PRICES OF SELECT STOCKS (as of August 3, 2009):
ABA: PhP 0.95
ALI: PhP 9.40
DGTL: PhP 1.50
EDC: PhP 4.55
EIBA: PHP 0.26
GEO: PhP 0.77
GOB: PhP 0.17
JOH: PhP 1.40
LOTO: PhP 10.25
MPI: PhP 5.50
MUSX: PhP 0.13
PX: PhP 7.90
SFI: PhP 0.20
SPH: PhP 3.05
SUN: PhP 0.50
TA: PhP 1.04
UW: PhP 0.105
WEB: PhP 0.055